"Albany 2024: Housing Affordability and Deficit Dominate Legislative Agenda"
New York's housing crisis is set to be a major focus in Albany's 2024 legislative session, with Governor Kathy Hochul and lawmakers aiming to address the issue after failing to reach a consensus in the previous year. The debate centers around finding a balance between increasing housing stock, tenant protections, and incentives for developers. A potential compromise could involve the "Good Cause" eviction protections in New York City and the revival of the 421-a tax credit for developers who include affordable units. With all state lawmakers facing re-election in November, the pressure is on to find solutions that address the growing demand for housing, rising rents, and the need for more affordable and supportive housing options.